Dogecoin (DOGE), which is modeled on the popular “doge” Internet joke, is symbolized by a Shiba Inu. The open-source cryptocurrency was developed by Billy Markus in December 2013 and split off from Litecoin.
DOGE initially circulated as a humorous internet joke. Long before the coin gained popularity, the program’s original developer stopped working on it and sold his coins.
On Reddit and Twitter, it was initially used to tip artists. The real DOGE success only emerged once Elon Musk started talking about it. The coin uses proof-of-work as of right now. Many people have criticized PoW for its energy-centric nature.
Now that Ethereum transitioned to PoS, Dogecoin earns a new title.
Dogecoin is the second largest PoW crypto
Following the update to the Ethereum network’s proof-of-stake protocol on September 15, Dogecoin (DOGE) is currently the second-largest proof-of-work (PoW) cryptocurrency in terms of market value.
DOGE, a popular memecoin, is still comfortably ahead of the third-place PoW cryptocurrency Ethereum Classic (ETC), which has a market cap of $4.69 billion, as well as Litecoin (LTC), which has a market cap of $4.01 billion, and Monero (XMR), which has a market cap of $2.65 billion. Of course, Bitcoin (BTC) continues to be far ahead of Dogecoin, which has a market cap of $7.
However, DOGE could also soon find itself in a race with ETHPoW, which is presently trading at $13.64 and is the Ethereum PoW hard fork chain that will resume mining.
The move by Ethereum to a PoS consensus mechanism may have mounting tension on PoW-powered crypto networks to make a similar move.
The Dogecoin Foundation has been discussing moving DOGE to a proof-of-stake algorithm since Vitalik Buterin, the co-founder of Ethereum and adviser to the Dogecoin Foundation, initially suggested it in September 2021. The proposed transition will earn DOGE quite some popularity in the crypto space.